BT saw its share price plunge by more than a tenth this morning, despite the carrier reporting a surge in sales at its Global Services arm in its first quarter.

Global Services’ revenues soared by 13 per cent year-on-year in the three months to 30 June, representing the division’s highest quarterly growth for two years. This was driven by strong growth outside the UK and MPLS revenue growth of 36 per cent, BT said.

Overall, the telecoms giant posted revenues of £5.18bn, a 3 per cent rise on an annual comparison.

By customer segment, major corporate accounts grew 12 per cent to £1.96bn, SMB grew by 5 per cent to £661m – driven partly by BT’s recent acquisitions of Lynx and Basilica - and consumer revenue was flat at £1.23bn. Meanwhile, wholesale customer revenue declined by 7 per cent to £1,32bn.

However, BT’s share price plunged to its lowest level since May 2004 as investors exercised caution over the carrier’s bottom line. Pre-tax profits fell 7 per cent to £613m for the period, the fourth consecutive period of profit decline.

BT chief executive Ian Livingston emphasised that BT’s full-year guidance remains unchanged and that the carrier continues to expect revenue, dividends per share and earnings per share for the financial year.